Bitcoin Breaks Above Key 365-Day Moving Average
CryptoQuant's analysis suggests that Bitcoin has entered a new bull market after reclaiming its 365-day moving average. The report notes that this technical signal confirms the start of a new bull market, similar to previous instances in 2019 and 2023.
The 365-day moving average has historically served as a key marker for major trend reversals in Bitcoin, with bull markets following after it was broken above. In contrast, bear markets occurred when the indicator was moved below.
CryptoQuant's on-chain indicators also support the case for a bullish turn, with the Bull Score Index and Bull-Bear Market Cycle Indicator signaling an early bull market since mid-August.